Cardero Announces Final Drill Results From Sheini Hills Iron Project, Ghana
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/20/12 -- Cardero Resource Corp. (TSX: CDU)(NYSE MKT: CDY)(NYSE Amex: CDY)(FRANKFURT: CR5) -
Highlights include:
Hole 63: 51.60 metres from surface, grading 48.50% Iron
Hole 64: 48.00 metres from surface, grading 47.38% Iron
Cardero Resource Corp. ("Cardero" or the "Company") announces receipt of the final batch of high-grade drill results from Phase I drilling at the Company's Sheini Hills Iron Project, in northeastern Ghana. The Phase I drill program was completed in August 2012 and all results have been received in full.
Highlights include Hole 063, which returned 51.60 metres from surface grading 48.50% iron, including 16.00 metres grading 50.81% iron. Four of the seven cross-sections reported in this release (1014950N, 101440N, 1013050N and 1012800N) have weighted averages ranging from 41.1% iron to 43.92% iron, reflecting the generally higher-grade results returned from the northern portion of the drill area.
"We are delighted to have completed what was a very successful Phase I exploration and drill program at Sheini," stated Michael Hunter, Cardero's President and CEO "The identification and successful acquisition of the Sheini Hills project added a second high-quality asset to Cardero's portfolio. With a positive long-term view on bulk commodities, we expect this quality asset to provide future shareholder value."
The program focussed on a core 9 kilometre-long zone of outcropping haematite-ironstone ridges with peripheral surface ferricretes. A total of 67 diamond drill holes have been completed with results received for all holes (58 diamond drill holes were submitted for assay, while 9 holes were drilled for geological interpretation and metallurgical testing).
Regional work, including satellite interpretation, airborne geophysical surveys and verification mapping have identified an additional 24 kilometres of potential ironstone deposits, which will be drill-tested in Phase II.
SRK Consulting has been retained to complete a maiden resource estimate report in accordance with NI 43-101. SRK anticipates completion and dissemination of the report in Q4 2012.
Results are presented in detail, by drill section, below:
To view Figures 1 through 8 accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/cdu920i.pdf
Table 1: DRILL SECTION 1014950N
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Hole ID From (m) To (m) Thickness (m) Iron Grade %
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SCD064 0.00 48.00 48.00 47.38
and 61.90 73.75 11.85 23.17
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Average thickness / hole(i) 59.85
Weighted average grade(i) 42.58
All results now reported for this section. (i) Weighted average thickness
and grade based on full intersections. Reported drill intercepts are based
on apparent rather than true thickness as there is insufficient data with
respect to the shape of the mineralization to calculate absolute true
thickness.
Table 2: DRILL SECTION 1014400N
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Hole ID From (m) To (m) Thickness (m) Iron Grade %
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SCD055 0.00 4.00 4.00 30.34
and 6.00 27.55 21.55 42.00
and 38.70 63.90 25.20 42.34
incl. 50.20 63.90 13.70 47.00
and 81.00 170.70 89.70 46.16
SCD060 59.25 125.10 65.85 42.93
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Average thickness / hole(i) 103.15
Weighted average grade(i) 43.92
Drill holes SCD055 previously reported (NR12-24). All results now reported
for this section. (i) Weighted average thickness and grade based on full
intersections. Reported drill intercepts are based on apparent rather than
true thickness as there is insufficient data with respect to the shape of
the mineralization to calculate absolute true thickness.
Table 3: DRILL SECTION 1013050N
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Hole ID From (m) To (m) Thickness (m) Iron Grade %
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SCD061 0.00 23.70 23.70 41.92
and 59.70 128.20 68.50 41.69
SCD062 0.00 25.70 25.70 28.10
SCD063 0.00 51.60 51.60 48.50
incl. 0.00 16.00 16.00 50.81
SCD067 312.80 395.80 83.00 39.83
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Average thickness / hole(i) 63.13
Weighted average grade(i) 41.11
All results now reported for this section. (i) Weighted average thickness
and grade based on full intersections. Reported drill intercepts are based
on apparent rather than true thickness as there is insufficient data with
respect to the shape of the mineralization to calculate absolute true
thickness.
Table 4: DRILL SECTION 1012800N
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Hole ID From (m) To (m) Thickness (m) Iron Grade %
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SCD059 0.00 15.00 15.00 23.84
SCD065 14.30 65.00 50.70 45.90
and 84.35 116.50 32.15 45.88
SCD066 36.70 108.70 72.00 45.36
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Average thickness / hole(i) 56.62
Weighted average grade(i) 43.72
All results now reported for this section. (i) Weighted average thickness
and grade based on full intersections. Reported drill intercepts are based
on apparent rather than true thickness as there is insufficient data with
respect to the shape of the mineralization to calculate absolute true
thickness.
Table 5: DRILL SECTION 1012000N
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Hole ID From (m) To (m) Thickness (m) Iron Grade %
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SCD044 not assayed
SCD046 0.00 5.10 5.10 41.33
and 98.00 123.45 25.45 36.88
SCD047 9.10 41.80 32.70 40.67
SCD051 0.00 3.60 3.60 48.61
and 78.00 134.20 56.20 38.45
incl. 79.00 124.00 45.00 40.11
SCD052 0.00 6.00 6.00 43.03
and 19.00 62.70 43.70 40.11
SCD054 no significant results
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Average thickness / hole(i) 43.19
Weighted average grade(i) 39.52
Drill holes SCD046, SCD051, SCD052, SCD054 previously reported (NR12-24).
All results now reported for this section. (i) Weighted average thickness
and grade based on full intersections. Reported drill intercepts are based
on apparent rather than true thickness as there is insufficient data with
respect to the shape of the mineralization to calculate absolute true
thickness.
Table 6: DRILL SECTION 1011200N
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Hole ID From (m) To (m) Thickness (m) Iron Grade %
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SCD035 0.00 75.20 75.20 35.08
incl. 0.00 53.20 53.20 38.25
SCD037 0.00 3.60 3.60 56.44
and 31.70 109.20 77.50 35.35
incl. 31.70 53.70 22.00 41.64
incl. 60.00 77.00 17.00 40.73
SCD040 8.20 58.60 50.40 40.23
SCD042 25.55 72.50 46.95 36.25
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Average thickness / hole(i) 63.41
Weighted average grade(i) 36.71
Drill holes SCD035, SCD040 previously reported (NR12-20, NR12-24). All
results now reported for this section. (i) Weighted average thickness and
grade based on full intersections. Reported drill intercepts are based on
apparent rather than true thickness as there is insufficient data with
respect to the shape of the mineralization to calculate absolute true
thickness.
Table 7: DRILL SECTION 1010600N
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Hole ID From (m) To (m) Thickness (m) Iron Grade %
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SCD048 0.00 106.00 106.00 37.35
incl. 0.00 66.00 66.00 41.63
and 116.00 125.50 9.50 30.33
SCD053 0.00 1.00 1.00 56.24
and 4.20 71.20 67.00 37.17
incl. 4.20 45.00 40.80 41.77
SCD056 62.40 111.20 48.80 29.52
incl. 62.40 74.00 11.60 39.10
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Average thickness / hole(i) 77.43
Weighted average grade(i) 35.45
Drill holes SCD048, SCD053 previously reported (NR12-24). All results now
reported for this section. (i) Weighted average thickness and grade based on
full intersections. Reported drill intercepts are based on apparent rather
than true thickness as there is insufficient data with respect to the shape
of the mineralization to calculate absolute true thickness.
QUALIFIED PERSON
EurGeol Keith Henderson, P.Geo., Cardero's Executive Vice President and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr. Henderson is not independent of the Company, as he is an officer and shareholder.
QA/QC
The work program at Sheini is supervised by Christopher White (Cardero Resource Corp.) and Dr. Karel Maly (Aurum Exploration Limited), who together are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS Laboratories, Kumasi, Ghana, for sample preparation, and onward to OMAC Laboratories (an ALS Group company), Ireland, for analysis. OMAC's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material is inserted at regular intervals into the sample sequence in order to independently assess analytical accuracy.
ABOUT CARDERO RESOURCE CORP.
The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the NYSE-MKT (symbol CDY) and the Frankfurt Stock Exchange (symbol CR5). For further details on the Company readers are referred to the Company's web site (www.cardero.com), Canadian regulatory filings on SEDAR at www.sedar.com and United States regulatory filings on EDGAR at www.sec.gov.
On Behalf of the Board of Directors of CARDERO RESOURCE CORP.
Michael Hunter, CEO and President
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends, are forward-looking statements. In addition, information with respect to the proposed activities of Artha on the Organullo property has been provided by Artha (the optionee and operator of the Organullo joint venture) and, as such activities are not within the control of the Company, the Company takes no responsibility for the accuracy of such statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company or any of its optionees or joint venture partners are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market for, and pricing of, any mineral products the Company or its joint venture partners may produce or plan to produce, the inability of the Company or any of its joint venture partners to obtain any necessary permits, consents or authorizations required for its or their activities, the inability of the Company or any of its joint venture partners to produce minerals from their properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's 2011 Annual Information Form filed with certain securities commissions in Canada and the Company's annual report on Form 40-F filed with the United States Securities and Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed viawww.sec.gov, and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
NR12-27
Contacts:
Cardero Resource Corp.
Nancy Curry
Corporate Communications
604 638-3287
Cardero Resource Corp.
General Contact
604 408-7488 or Toll Free: 1-888-770-7488
604 408-7499 (FAX)
info@cardero.com
www.cardero.com